Vornado Realty REIT: Key Developments
Vornado Realty Trust Declares Quarterly Dividend On Common Shares
October 29, 2009 |
| Vornado Realty Trust announced that its Board of Trustees has declared a regular quarterly dividend of $0.65 per share with a cash portion of $0.38 per share and a stock portion of $0.27 per share. The dividend is payable on December 14, 2009 to common shareholders of record on November 10, 2009. The dividend will be paid in a combination of cash, not to exceed 58.5% in the aggregate, and common shares. |
Vornado Realty Trust Declares Quarterly Dividends On Preferred Shares
October 29, 2009 |
| Vornado Realty Trust announced that its Board of Trustees has declared the following quarterly preferred dividends: Series A Convertible - $0.8125000 per share; Series E Cumulative Redeemable - $0.4375000 per share; Series F and H Cumulative Redeemable -$0.4218750 per share; Series G and I Cumulative Redeemable - $0.4140625 per share. In each case, dividends are payable on January 4, 2010 to shareholders of record on December 15, 2009. |
Vornado Realty Trust Completes Sale Of $460 Million 7.875% Callable Senior Unsecured 30 Year Notes
September 30, 2009 |
| Vornado Realty Trust announced that the underwriters of its $400 million senior unsecured debt offering exercised their $60 million over-allotment option. The total principal amount of the notes sold was $460 million. The notes were sold to the public at par and may be redeemed at Vornado's option in whole or in part beginning October 1, 2014, at a price equal to their principal amount plus accrued and unpaid interest. The net proceeds to Vornado from the offering were approximately $446 million. Citigroup Global Markets Inc., Banc of America Securities LLC, Morgan Stanley & Co. Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC acted as joint book running managers. |
Vornado Realty Trust Announces Public Offering of $400 Million 7.875% Callable Senior Unsecured 30-Year Notes
September 23, 2009 |
| Vornado Realty Trust announced that Vornado Realty L.P., the operating partnership through which it conducts its business, has priced an offering of $400 million aggregate principal amount of 7.875% callable senior unsecured 30-year notes due October 1, 2039. Interest on the notes will be payable quarterly in arrears on each January 1, April 1, July 1 and October 1, commencing January 1, 2010. The notes were offered to the public at $25 per note and may be redeemed at Vornado Realty L.P.`s option in whole or in part beginning October 1, 2014, at a price equal to their principal amount plus accrued and unpaid interest. The estimated net proceeds of $388 million from the offering will be used for general business purposes. Subject to customary closing conditions, the offering is expected to close on September 30, 2009. Citigroup Global Markets Inc., Banc of America Securities LLC, Morgan Stanley & Co. Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC are serving as joint book-running managers for this offering and have a 30-day option to purchase up to an additional $60 million of the notes to cover any over-allotments. |
Vornado Realty Trust Sells 1999 K Street
September 1, 2009 |
| Vornado Realty Trust announced that it has sold 1999 K Street, a newly developed 250,000 square foot office building, in Washington's Central Business District to an international investor. The $207.8 million sales price is $830 per square foot and is a first-year cash cap rate of 6.3%. Vornado realized a net gain of approximately $41 million and received net proceeds of approximately $90 million after repaying the existing construction loan and costs. The building is 100% pre-leased to the law firm of Mayer Brown LLC. Vornado will manage the property on behalf of the new owner. |
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